Principal grows into new home
Principal Insurance is set to relocate its headquarters in preparation to more than double staff numbers at its Manchester base.
According to the Manchester evening News, the specialist insurance group will move to Citygate, a newly refurbished building owned by commercial property landlords Orbit Developments. The new offices are three times the size of Principal’s existing HQ.
The Sale HQ is home to the company’s motorcycle insurance team, van insurance specialists and its commercial broking business.
The report cites the relocation has been prompted by the rapid growth the business has enjoyed which has seen staff numbers double in the past 18 months. The company’s business plan forecasts that 30 new jobs will be created within the next two years.
In addition it anticipates further posts being created at its Dublin offices and specialist motor broking operation in Lancaster.
‘Our growth has been sustained and impressive, putting us well ahead of the five-year plan we’d mapped out,’ said managing director Dave Bowcock who founded the business in 2011.
In its last financial year to the end of October 2015, the company reported it had secured growth of over 50% in gross written premium which rose from £3.3m to £5m, a figure which is set to hit £10m this year. Growth has been bolstered by the acquisition of the specialist motor insurance broking business from Marsh and the purchase of the BikeTeam, Complete Bike Cover and Simply Bikes books. This has seen the business grow to serve over 25,000 motorcycle, van and specialist car owners as well as commercial clients.